India’s one official digital currency may be on the way, other cryptocurrencies risk being banned

Indian currencySource: Harish Jonnalagadda / Windows Central

Cryptocurrency remains a hot button issue for just about anyone with something big at stake when it comes to the shakeup of monetary systems as we know them. Billionaires such as Elon Musk and Mark Cuban have weighed in on the crypto situation, and El Salvador has openly embraced the idea of building an entire Bitcoin City next to a volcano. But India is not nearly as jazzed about the state of crypto, and has a more conservative approach to the subject in the pipeline.

As can be seen in a to-be-considered bill the country may soon pass and adopt, entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,” private cryptocurrency may soon go the way of the dodo within the country’s borders. Here’s the bill’s described purpose: “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

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In other words, blockchain usage may still be fine, but not if you’re in the Ethereum business or have similarly crypto-focused ambitions.

Like India, the U.S. is also taking a cautious approach to crypto, with sanctions targeting the currency type given its convenience for ransomware schemes.

Ransomware aside, crypto has also been a leading cause in the widespread shortage of the best graphics cards — the other major cause being the ongoing global chip shortage.

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